Agroton reports 21.8% y-o-y increase in net profit in 1H11

Agroton (WSE: AGT PW), Ukraine’s largest producer of sunflower seeds and the fourth-largest wheat producer, increased its total revenue in 1H11 by 48.5% y-o-y to USD 94.9 mln, according to interim results published yesterday. EBITDA grew 3.4% y-o-y to USD 38.8 mln and net income rose by 21.8% y-o-y to USD 34.2 mln. Revenue from crop sales jumped by 228.0% y-o-y due to favorable prices and an increase in sales volumes. As of end-1H11, the company’s land bank stood at 151 ths ha and storage capacity at about 285 ths mt.